Troubled Asset Relief Program additional actions needed to better ensure integrity, accountability, and transparency : report to congressional committees.
(Web-Based Document)

Title from title screen (viewed on Dec. 4, 2008).

"December 2008."

"GAO-09-161."

Available online.

Includes bibliographical references.

On October 3, 2008, the Emergency Economic Stabilization Act was signed into law. The act established the Office of Financial Stability (OFS) within the Department of the Treasury (Treasury) and authorized the Troubled Asset Relief Program (TARP). Every 60 days, the U.S. Comptroller General is required to report on a variety of areas associated with oversight of TARP. This report reviews (1) the activities that have been undertaken through TARP as of November 25, 2008; (2) the structure of OFS, its use of contractors, and its system of internal controls; and (3) preliminary indicators of TARP's performance. GAO reviewed documents related to TARP, including contracts, agreements, guidance, and rules. GAO also met with OFS, contractors, federal agencies, and officials from some participating institutions. GAO plans to continue to monitor these and other issues including future and ongoing capital purchases, other transactions undertaken as part of TARP (e.g., capital purchases in Citigroup and American International Group), and the status of other aspects of TARP. Treasury generally agreed with GAO's recommendations, but had a different perspective on the need to monitor how participating institutions are spending CPP funds. GAO believes that monitoring aggregate information across the participants would help ensure an appropriate level of transparency and accountability.

System requirements: Adobe Acrobat Reader.

Mode of access: World Wide Web from GAO web site. Address as of 12/4/08: http://www.gao.gov/new.items/d09161.pdf ; current access available via PURL.